A PwC Health Research Institute analysis states the estimated cost of a major (healthcare) breach is $200 per-patient record -- which includes post-breach costs such as lost business due to reputational damage. The cost to prevent a breach is only $8 per-patient record. This is strong motivation for healthcare institutions to spend more on preventing against cyber intrusions.

The healthcare industry anticipates spending more on security during 2016 -- and 63% of large healthcare providers plan to spend more than $1 million on cyber prevention this year, according to PwC.

Financial services, the most cyber-attacked industry in 2014 may have have faired better in 2015 due to increased cybersecurity budgets at big banks -- a hacker favorite. A Forbes post at the end of last year reported
J.P. Morgan,
Bank of America, Citibank and Wells Fargo alone are spending $1.5 billion to battle cyber crime.

Cybercrime is on the rise -- and no corporation or government agency is immune to data breaches. Healthcare institutions are wise to take preventive cyber medicine or the hacks will likely get worse.

Visit SteveOnCyber.com to read all of my blogs and articles covering cybersecurity.